Central African Republic (CAR) to launch state Bitcoin sidechain by the end of the month

Central African Republic (CAR) to launch state Bitcoin sidechain by the end of the month

The Central African Republic (CAR), will launch a national Sango SideChain on July 25th. The platform was created to increase the credibility of Sango Coin, a state-owned token backed by real mineral reserves.

Earlier, the CAR authorities legalized Bitcoin as an official means of payment, becoming the second cryptocurrency country after El Salvador.

In contrast to the experience of the Latin American state, where they created their own Lightning Network-enabled Chivo wallet to implement retail payments, the CAR is launching a Bitcoin SideChain. The platform’s implementation scheme resembles Blockstream’s Liquid network.

Sango will issue 21 billion Sango Coin to link each coin to BTC for a robust validation mechanism. SideChain will have a bridge operated by 21 Validator, controlling the release of wrapped sBTCs and their burning when exchanged back to Bitcoin.

The Sango network also has a built-in AMM pool for converting bitcoins into Sango Coin. All members of the network must be KYC-validated. Validators will be supervised by members of the government and the president.

The main purpose of the Sango Coin platform is to organize public ICOs to attract international investment. Fundraisers will be held in sBTC and Sango Coin. First of all, the funds will go to the development of deposits.

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